This first week of October 2015 has begun with lower fixed-mortgages than last month, while adjustable-rate mortgages have remained unchanged compared to a week earlier.

According to Freddie Mac, fixed mortgage rates have decreased minimally although they are still much lower than one year ago, when 30-year mortgages nearly reached 4.2%.

30-year fixed-rate mortgages decreased slightly this week, reaching 3.85% compared to 3.86% a week earlier. This is much lower than the 4.19% rate on the first week of October 2014.

15-year fixed-rate mortgages followed the same downward pattern, decreasing from 3.08% last week to 3.07% this week. Last year this rate was 3.36%, much higher than it's current average.

5-year adjustable-rate mortgages remained at 2.91% this week, as they were one week ago. Last year at this time 5-year rates were at 3.06%.

1-year adjustable-rate mortgages remained unchanged this week at 2.53%, as they were the previous week. This is the only rate that was lower one year ago, when 1-year rates were at 2.42%.

Despite the low mortgage rates during the past two weeks, mortgage applications dropped last week by 6.7% according to the MBA Weekly Mortgage Applications Survey for the week that ended on September 25, 2015.

The refinance share of activity dropped as well, decreasing from 58.4% or total applications two weeks ago to 58% last week. The adjustable-rate mortgage share of activity remained at 6.9% of all applications last week, as it was a week earlier.

The decrease in mortgage applications did not prevent the FHA and VA share of applications from increasing, and last week, the FHA share of total applications rose to 13.8% compared to the previous week. The VA share of all applications also increased from 10% two weeks ago to 10.3% last week. The USDA share of all applications remained at 0.7% for the second consecutive week.

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